Insurance Mergers & Acquisitions in Massachusetts – Q3-2023

M&A Activity in New England Also Sees A Decline This Quarter

As Agency Checklists has done for every quarter during the past few years, the following is a listing of the most recent agency acquisitions reported or announced in Massachusetts as of the 2nd Quarter of 2023 (“Q2-2023”).

For comparison purposes, this listing also includes those insurance agency mergers and acquisitions Agency Checklists previously reported on and published during 2022, 2021, 2020, and 2019. Since not every purchase and sale is announced to us, however, this list includes only the transactions that Agency Checklists has been made aware of or that were announced publicly.

The purpose of this compilation is to help our readers take stock of the consolidation of the marketplace both within Massachusetts and New England. As stated in previous versions of this listing, the majority of purchases and sales occurring in our region involved locally owned and operated agencies. There are now many more national buyers entering this marketplace, particularly World Insurance Associates, Acrisure, Hub, Alera Group, and The Hilb Group just to name a few.

Our proprietary list of purchases and sales of insurance agencies in Massachusetts as well as New England

Based on our data for 2023, here is a snapshot of the trends in insurance agency acquisitions in Massachusetts:

There were a total of 5 insurance agency mergers and acquisitions announced in New England in Q3- 2023.

July and September were the most active months with two deals each.

Massachusetts and New England mirrored the national trend in a decline in mergers and acquisitions. For example, in Q3-2022, there were a total of 16 agency mergers and acquisitions as compared to the five announced during the same time period in 2023.

The biggest sale of the year, however, occurred during this quarter when Gallagher acquired Eastern Insurance in a sale worth five-times commission.

Agencies Sold So Far in 2023

The following is a list of the transactions featured in Agency Checklists during the first three quarters of 2023. Please note, any title with an * means that the update was sent to us but was not an officially announced transaction on which we reported. In addition, due to popular demand, we are now including transactions from in and around New England. As always, if you know of a sale of an insurance agency not listed here, whether in Massachusetts or one of the New England states, please help us keep this list as accurate as possible by letting us know here.

January 2023 (Q1)

Patriot Growth Insurance Grows New England Presence With RI Partnership

Hilb Group Expands In RI With OceanPoint Insurance Acquisition

February 2023 (Q1)

Bearce Insurance Agency Joins World Insurance Associates

Duffy Insurance Agency Acquires B&M Insurance Agency In Wakefield

Kaplansky Insurance Acquires Bridge Insurance

New Bedford’s Tomlinson & O’Neil Joins World Insurance Associates

March 2023 (Q1)

Aronson Insurance Acquires LJM Insurance Agency

Salem Five Insurance Acquires Nichols Insurance Agency Inc.

World Picks Up Another Two Agencies In New England

April 2023 (Q2)

World Welcomes Worcester’s Thomas J. Woods Insurance Agency

Sabatino Insurance Agency Acquires The Mastrocola Insurance Agency

Hilb Group Grows New England Property And Casualty Presence

May 2023 (Q2-2023)

Duffy Insurance Agency Acquires Boyd-Neelon Insurance Agency Of Sudbury Mass

Patriot Growth Insurance Services Expands Its Network In Massachusetts

Kaplansky Insurance Acquires Seekonk’s Crosstown Insurance

June 2023 (Q2-2023)

Wm F. Borhek & B. R. Alexander Agencies Join World Insurance Associates

BayCoast Insurance Announces Its Acquisition Of E.P. Tremblay And Sons Insurance Agency, Inc.

Cross Insurance Acquires The North Shore’s Daly Insurance

July 2023 (Q3-2023)

Smith Brothers Advances Massachusetts Growth with Rawson & Sons Acquisition

Beverly Merger: Sterling Ins. Buys The Morgan-McPherson Agency

August 2023 (Q3-2023)

Hub New England Welcomes Worcester’s Horizon Insurance

September 2023 (Q3-2023)

Gallagher Snaps Up Eastern In Sale Worth 5-Times Commissions

Salem Five Insurance Acquires Philbin Insurance Group

Agencies Sold in 2022

January 2022 (Q1)

Renaissance Alliance Acquires Two Agency Networks Representing An Additional $2.4bn In Premium

MountainOne Acquires Cross Insurance Of Pittsfield

AssuredPartners Acquires Fred C. Church, Inc.

Alera Group Adds Webber & Grinnell Agency

February 2022 (Q1)

Rua-Dumont-Audet Insurance Agency, Inc. Announces The Acquisition Of Lincourt & Pappas Insurance Agency, Inc.

Kaplansky Insurance Acquires Roy Insurance

J.K. Olivieri Insurance Agency Joins World Insurance Associates

March 2022 (Q1)

Eastern Insurance Acquires The Michals Insurance Agency

Kaplansky Acquires iConnexion in Rhode Island*

April 2022 (Q2)

Foley Palenscar Schortmann Acquires Fay Humphrey

SIAA Acquires Online Digital Agency Rogue Risk

Philbin Insurance Group Acquires The Williams & Alley Insurance Agency

Hilb Group Acquires Vermont-Based Paige & Campbell, Inc., Expands Market Presence And Client Offerings

May 2022 (Q2)

Patriot Growth Adds Two Employee Benefit Agencies In Massachusetts

Cross Insurance Acquires Two More Massachusetts Insurance Agencies & Opens A New Office In Newburyport

Cross Acquires the J. Biron Agency, LLC of Connecticut* (Surety Agency)

Cross Acquires Northeast Surety, LLC of Connecticut* (Surety Agency)

June 2022 (Q2)

Chicopee’s White Birch Insurance Acquires Connecticut Agency

Marsh McLennan Agency Acquires Clark Insurance, Expands Presence In New England Region

Duffy Insurance Acquires Allan Insurance Agency

World Insurance Associates Acquires Commercial Insurance Agency

July 2022 (Q3)

World Insurance Associates Acquires The 174-Year Old Allan M. Walker Insurance Agency

Alera Group Expands Into Vermont With Acquisition Of Noyle Johnson Group

Specialty Program Group LLC Acquires Worcester Entertainment Broker ESP

Patriot Growth Adds New Mass. Partner McCormick & Sons Insurance

August 2022 (Q3)

Eastern Insurance Group LLC Acquires Operating Assets Of John T. Burns Insurance Agency, Inc.

Accretive Announces Acquisition Of Platinum Worksite Benefits

Hub Expands Stop Loss Services With Mass-Based Stop Loss Insurance Brokers

The Hilb Group Acquires King & Cushman

September 2022 (Q3)

Brown & Brown Massachusetts Adds Smithwick & Mariners To Its Growing Ranks

Deland, Gibson Partners With Allston’s Gorman Insurance Agency

World Insurance Agency Acquisition Hat Trick: Two Massachusetts Agencies & A Rhode Island One

Hub New England Adds Mass.-Based Miniter Group

Hilb Group Acquires South Shore’s Cook & Company

The Dowd Agencies Acquires Ideal Insurance

October 2022 (Q4)

Mason Insurance Merges Main Street Commercial, Contractor And Personal Insurance Business With Rogers|Gray

World Insurance Associates Acquires O’Brien And Gibbons Insurance Agency

Safety Insurance Acquires Northeast Insurance Agency

November 2022 (Q4)

World Expands Massachusetts Presence With JR Tallman Acquisition

December 2022 (Q4)

Salem Five Insurance Acquires Cavanaugh Insurance Agency

Massachusetts agencies sold in 2021

January 2021 (Q1)

World Insurance Associates Acquires The R.S. Gilmore Insurance Agency

The Philbin Insurance Group Purchases The Douglas Insurance Agency

AssuredPartners Northeast Acquires Fessenden & Sykes

Hub Acquires The Alpha Pension Group

Duffy Insurance Announces 10th Acquisition With Purchase Of The Barry & O’Connor Agency

Cross Insurance Acquires McSweeney & Ricci And Boston Marine

Kaplansky Insurance Acquires Staite Insurance

February 2021 (Q2)

FBinsure Becomes The First New England Agency Partner For Patriot Growth Insurance Services

Cross Insurance Acquires Bedford Insurance Brokerage (N.Y.)*

March 2021

Jeff Carbone Insurance Agency Acquires Hughes Insurance

Deland, Gibson Insurance Acquires The Dickey Insurance Agency

Hub NE Expands In Vermont With Finn & Stone, Inc. Acquisition

Compass Planners Joins Forces With The Hilb Group

AssuredPartners Acquires The Joseph A. Glynn Insurance Agency

April 2021 (Q2)

Relation Insurance Enters New England Marketplace With Acquisition Of Santo Insurance & Financial Services

Hub Acquires Massachusetts-Based IBG Financial Partners, LLC

Kaplansky Insurance Acquires The Towers-Lemos Agency

Eastern Insurance Acquires Concord’s Northbridge Insurance Agency

Partners Insurance Group Purchases The Interstate Insurance & Finance Company

Risk Strategies Acquires Specialty Insurance Solutions

SIAA Acquired By Private Equity Group Odyssey Partners

Cross Insurance Acquires Business Benefits, Inc.*

May 2021 (Q2)

AssuredPartners Acquires Lehrer & Madden Insurance Agency

Kaplansky Insurance Acquires John P. Riley Insurance

Hub New England Acquires CT’s Ion Insurance Corporation

Salem Five Insurance Acquires Ambrose & Grant Insurance Agency

Eastern Insurance Group Announces Acquisition Of Barr Insurance Agency, Inc.

Cross Insurance Acquires A.J. Benet, Inc. (N.Y.)*

June 2021 (Q2)

Baldwin Risk Partners Acquires RogersGray

Hub New England Welcomes Epstein Financial Services LLC

Women-Led Boston Benefit Partners, LLC Joins Alera Group

RogersGray Acquires E.J. McGrath Insurance Agency

Boynton Agency Acquired by Cross Insurance*

July 2021 (Q3)

No reported transactions

August 2021 (Q3)

Alera Group Broadens Northeast Footprint With New Hampshire Agency Acquisition

The Hilb Group Adds MillBrook Benefits And Insurance Services To Its Growing List Of Massachusetts Acquisitions

Salem Five Insurance Acquires Lynn’s A. James Lynch Insurance Agency Inc.

Community Bank System Enters Massachusetts Insurance Industry With Acquisition Of Thomas Gregory Associations Insurance Brokers

Canary Blomstrom Insurance Agency Merges With Goodworks Financial Group

World Insurance Associates Acquires Rocco Rose

Brown & Brown Buys Berkshire Insurance Group For $41.5 Million

September 2021 (Q3)

Duffy Insurance Acquires The A.J. George Insurance Agency

Patriot Growth Insurance Expands Its New England Presence With Addition Of Boston-Based Exchange Insurance Agency

Dowd Insurance Acquires Westfield’s Wilcox Insurance Agency

October 2021 (Q4)

Morse Insurance Merges With Habig & Magoon Expanding Its Operations & Reach In Southeastern Mass.

Duffy Insurance Announces Another Agency Acquisition In Marblehead

Hilb Group Completes Acquisition Of D.F. Dwyer & Associates, LLC

Another Mass. Agency Acquisition for the Hilb Group (Forrest Insurance Agency)

November 2021 (Q4)

Relation Insurance Services Acquires Garrity Insurance

Deland, Gibson Acquires Franklin’s Keefe Insurance

Hub International Acquires Assets Of Tanna Insurance, Inc.

Oxford Insurance Acquired By CT’s Smith Brothers

Salem Five Insurance Acquires Elliot Whittier Insurance

Risk Strategies Acquires CT’s Pawson Insurance

Kaplansky Insurance Acquires Judith M. Flynn Insurance Agency, Inc.

Cross Acquires Corkin Insurance Agency*

December 2021 (Q4)

Hilb Group Adds A New Hampshire Agency

Cross Acquires Connecticut’s The Doyle Agency, Inc. *

Kaplansky Insurance Acquires Roy Insurance

Choice Financial Group Enters The New England Marketplace With New Hampshire Agency Acquisition

Massachusetts agencies sold in 2020

January 2020 (Q1)

The Connolly Insurance Agency Merges With Morse Insurance

RogersGray Expands Its Geographic Footprint in Southern Massachusetts With Acquisition Of The G.H. Dunn Agency

Alera Group Acquires Massachusetts’ Sylvia Group

Risman Insurance Acquires MassPay Insurance Agency*

Cross Insurance Acquires CT’s ACBI*

February 2020 (Q1)

The Hilb Group Acquires Group Brokerage Insurance Agency

FBInsure Acquires Attleboro’s Nimiroski Insurance Agency

The Risman Insurance Agencies acquire the T.F. Ward Insurance Agency of Melrose

March 2020 (Q1)

The Risman Agency Acquires The Phil Richard Insurance Agency*

Kaplansky Insurance Acquires Pike Insurance

The Hilb Group, LLC Acquires LifePlus Insurance Agency, Inc.

Gilbert Insurance Acquires Aljane Insurance Inc. of Medford

Cross Insurance Acquires Rhode Island’s Deblasio Insurance*

RI’s Gaspee Benefit Planners Purchased by Cross Insurance*

April 2020 (Q2)

No Acquisitions Announced This Month

May 2020 (Q2)

The DiVirgilio Insurance Agency Acquires On-Time Payroll, Inc.

Hub Acquires Massachusetts-Based Lashua-LaChance & Poliks Insurance Agency, Inc.

Cross Acquires Connecticut-based Clifton Brokerage*

June 2020 (Q2)

The Madeleine Brooks Insurance Agency Is Acquired By The A.P. Michaud Agency, LLC

Foley Palenscar Schortmann Acquires Pollicelli & Mullen Insurance Agency

Assured Partners Acquires WTPhelan & Co. Insurance Agency, Inc.

July 2020

AHT Insurance Acquires Mason & Mason Insurance

Chatham’s Eldredge & Lumpkin Sold To The Hilb Group

Peter C. Foy Insurance Acquires Massachusetts’ Moulton Insurance As Part Of Regional Agency Buying Spree

The N. Pingree Insurance Agency Joins The Duffy Family of Insurance Agencies

Morin & Foy Merges With First American Insurance Agency

Cross Insurance Buys Charles Goodman of New York*

August 2020

Brown & Brown Acquires Quincy’s Amity Insurance Agency

Risman Insurance Acquires Insurance Associates of Burlington, MA

Cross Acquires Kettle Creek of Connecticut*

September 2020

Risk Strategies Acquires Securitas Insurance Partners

October 2020

Alera Group Acquires Gordon Atlantic Insurance Agency

Eastern Insurance Continues Expansion With Auburn Insurance Agency Acquisition

November 2020

Hub Acquires Its Second Massachusetts Agency in 2020 -Baystate Fiduciary Advisors, Inc.

Assured Partners Acquires People’s United Insurance Agency

December 2020

MTM Insurance Acquires The Brian S. Dempsey Insurance Agency

Eastern Insurance Group LLC Acquires Assets Of Campbell, Flaherty & Ring Insurance Agency, Inc.

Arthur J. Gallagher Acquires North Star Marine Insurance

Cross Insurance Acquires Boston Marine Insurance Services, LLC*

Cross Insurance Acquires The McSweeney & Ricci Insurance Agency*

Massachusetts agencies sold in 2019 – Updated in 2020

January 2019 (Q1)

Make It 32 – Kaplansky Insurance Acquires The KW Insurance Agency

Ryan Specialty Group, LLC To Acquire Boston Insurance Specialists

February 2019 (Q1)

FBinsure Acquires The Reid-Hofmann Insurance Agency

C&S Insurance Announces The Acquisition Of The Francis M Walley Insurance Agency, Inc.

March 2019 (Q1)

WTPhelan Acquires The Robert J. Cappadona Insurance Agency

The Hilb Group Acquires Another Massachusetts Insurance Agency, It’s First Of 2019

Cross Insurance Acquires The Quincy Insurance Agency (added in 2020)*

April 2019 (Q1)

No reported transactions

May 2019 (Q2)

Rogers & Gray’s Acquires The Paul Peters Agency of Falmouth & Mashpee

June 2019 (Q2)

Risk Strategies Acquires MainStreet Consulting Group

New England-based 360 Corporate Benefit Advisors Bought By The Hilb Group

Boston-based Risk Strategies Acquires Creative Insurance Solutions

Twinbrook Acquired By Brown & Brown of Massachusetts

Cross Insurance Acquires The Gerald T. McCarthy Insurance Agency (added in 2020)*

July 2019 (Q2)

Risk Strategies Acquires California’s Winter Group, Inc.

T. Edmund Garrity Acquires The Willard Martin Agency

Risk Strategies Acquires Gerard B. Tracy Associates

The Hilb Group Acquires Massachusetts’ Agency Handy-Apple Valley, LLC

Boston-based Risk Strategies Buys New York Brokerage Firm Reiff & Associates

August 2019 (Q3)

HUB New England Acquires The Insurance Center of New England

Brown & Brown of Massachusetts Acquires Boston’s Yozell Associates

September 2019 (Q3)

The John C. Gallagher Insurance Agency Joins Kaplansky Insurance

The Hilb Group, LLC Acquires Massachusetts-based, The Incentive Group, LLC

October 2019 (Q4)

No reported transactions

November 2019 (Q4)

The Hilb Group Is Sold To The Carlyle Group

The Hilb Group Acquires Southborough-based G&N Insurance

Brown & Brown Of Massachusetts Acquires Poole Professional Cos.

 Cross Insurance Acquires Fair and Yeager Insurance Agency (added in 2020)

December 2019 (Q4)

Another Massachusetts Insurance Producer Joins The Hilb Group

Alera Group Acquires Massachusetts’s Sylvia Group